Cipher Mining Secures $3B Contract with Fluidstack for AI Hosting
Cipher Mining entered a 10-year deal with Fluidstack to supply 168 megawatts of computing power at Barber Lake, securing $3 billion in revenue. Two possible five-year extensions could raise commitments over $7 billion.
Google will support $1.4 billion of Fluidstack's lease obligations, receiving warrants for 24 million Cipher shares, equating to approximately 5.4% ownership on a pro forma basis. Cipher maintains full control of its Barber Lake site.
This agreement indicates a trend among U.S. Bitcoin miners towards high-performance computing. Cipher plans 2.4 gigawatts for future AI and HPC projects. Similar deals have been made by Core Scientific, Iris Energy, and TeraWulf, who announced a Google-backed colocation arrangement in August.